The cost of living in 1973 was greatly affected by the oil crisis. That year the Organization of Arab Petroleum Exporting Countries implemented an oil embargo against the United States. This caused the price of gas to skyrocket and rocked the economy, helping kick off a recession. The 1973 oil crisis wasn’t even the only oil shock of the decade. Americans had to contend with
If you think the inflation that’s happened in the past few years is the worst the country’s ever seen, you probably weren’t alive during the stagflation of the 1970s. According to NPR, prices started to rise in the middle of the 60s, mainly due to government spending on the Vietnam War and social programs. The cost of living in 1970 was already hard on families
Before the Great Depression began at the end of the decade, the Roaring Twenties was an economically prosperous time in history. Wage growth and increased availability of credit allowed many consumers to purchase new luxuries like electric household appliances and cars. However, the cost of living in 1927 wasn’t low enough to give anybody a free ride. Americans still had to work hard and save
If you’re a history buff, you may be curious about the cost of living in 1924. Although the 1920s started rocky with a recession, the rest of the decade was economically prosperous (until the Great Depression of course). According to the Economic History Association, the gross national product increased by 4.2% per year from 1920 to 1929. Advances in manufacturing contributed to economic growth and
The 1920s, also known as “The Roaring Twenties,” was a decade marked by significant economic growth and social change. However, the decade got off to a rocky economic start. The cost of living in 1920 was high due to the inflation America experienced during the war. The rising cost of necessities like food, fuel, and housing likely put financial pressure on American families. To make
The COVID-19 pandemic isn’t the only time Americans have had to endure sudden price increases. Similarly, the cost of living in 1917 surged due to World War I. From December 1916 to June 1920, prices increased at an 18.5% annualized rate according to the Bureau of Labor Statistics. Food, clothing, and other essential goods all became more expensive and harder for the average family to
Due to the inflation we’ve experienced over the past couple of years, cost of living has become a hot topic. As a result, you may be curious to know what the cost of living was like in decades past. The 50s is an interesting time in history to look back on as the economy was booming and wages were rising. Let’s take a trip down
The 1950s are remembered fondly as a simple, nostalgic time in American history. After the war, the economy boomed and allowed the average family to enjoy relative economic prosperity. However, Americans still had to work hard to afford the cost of living in 1957 and save up for major purchases like homes and cars. Let’s take a closer look at how households spent their money
Can you believe that 1955 was nearly 70 years ago? You can still catch reruns of popular shows from that year (such as I Love Lucy and Gunsmoke) on TV today. Although 1955 may feel like yesterday to some of us, times have changed, especially when it comes to money. The cost of living in 1955 was significantly lower than it is now. Americans got
If you own a maritime business, do what you can to protect it. Whether it’s monitoring your security or preparing for an emergency budget, there are many ways that you can ensure that your business continues to thrive. Here are some tips that you should consider. Watch Company Expenses How is your company overhead? Have you been overspending to the point where you’re in a
